Growing number of low-cost-carriers to boost aerospace avionics market size
Introduction of neural-sensing, communication networks based on satellite and motion planning will fuel the demand for advanced aerospace avionics systems. Government authorities like the U.S Federal Aviation Administration (FAA) monitor the regulations of applications and usage of aircraft avionics in the region. This regulatory body has laid down particular rules and regulations pertaining to the installation as well as the operation of avionics for the new aircraft and in the aftermarket.
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The authorities have put an emphasis on providing the customers with enhanced avionics systems for safe and smooth aircraft operations. Regions such as Asia Pacific and the Middle East have been experiencing rising passenger traffic and cargo movements which has developed a demand for new aircraft, accelerating aerospace avionics market size.
Low-Cost-Carriers (LCC) have been growing steadily from the past decade while airlines have launched services for cost-effective air travel and new routes. Production of narrow-body aircraft has risen in the past few decades in order to cater to these demands, which in turn will fuel the demand for aerospace avionics systems over the projected time period.
Aerospace avionics industry share from business jet & general aviation applications is slated to record growth of more than 4% between 2019-2025. Surge in charter companies and growing air taxi services will further encourage the demand through this segment. As per a world wealth 2018 report, the number of ultra-wealthy people with a net worth over USD 500 million will rise by 39% by the year 2022.
OEM end-user segment is anticipated to garner significant growth prospects with the increasing number of aircraft orders from charter companies and airline service providers. There has been a rise in the number of low-cost-carriers in countries like India and China. For instance, Air China presented a contract in August 2019 to a Chinese manufacturer known as COMAC to offer 35 ARJ21-700 aircraft. The contract was signed with a value of USD 1.33 billion and will deliver its first aircraft in 2020.
North America aerospace avionics industry trends will dominate the market owing to the rising number of aircraft deliveries as well as the presence of key avionics and aircraft manufacturers across the region. For instance, Boeing had announced agreements with HK Bellawings and Jet Aviation in May 2019 for the delivery of Jeppesen JetPlanner Pro and Jeppesen Operator digital solutions. These aerospace avionics systems shall improve safety, conveyance of operators and efficiency, influencing the business outlook.
Author Name : Riya Yadav
This entry was posted in Aerospace and Defense and tagged Aerospace Avionics Market, Aerospace Avionics Market Report, Aerospace Avionics Market Share, Aerospace Avionics Market Trends, Aftermarket, Business Jet & General Aviation, Collision Avoidance System, Commercial Aviation, Communication System, Electric System, Emergency System, Flight Management System, Health Monitoring System, Helicopters, In-Flight Entertainment, Military Aviation, Navigation System, OEM, Surveillance System, Tactical System, Weather System.